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25 March 2011

25 March 2011 – British Trade and Investment Minister Lord Green gave Hong Kong a strong endorsement yesterday in a speech to senior businesspeople during a visit to the city.

“We sit here in Hong Kong, on the doorstep of the most exciting economies in the world,” said Lord Green speaking, 24 March, at the British Consulate General. “And I do think Hong Kong is a great place to explore Asia. When the [Hong Kong Trade Development Council] talks about ‘Think Asia, Think Hong Kong,’ then absolutely I think that's kind of a watchword for British businesses here, too.”

In a webcast interview with the HKTDC prior to his speech, Lord Green said Hong Kong was particularly valuable as a high-tech base for the Chinese mainland. “Green technology is something the mainland Chinese are very focused on, advanced manufacturing technology; there are a range of things that are needed by this extraordinary, rapidly transforming Chinese economy.”

Lord Green, who lived in Hong Kong for 12 years, was formerly Group Chief Executive and Group Chairman of The Hongkong and Shanghai Banking Corporation Ltd. He was in Hong Kong as part of a 12-day Asian visit, scouting business opportunities for UK firms. In Hong Kong, a major focus was on the city’s ever-expanding infrastructure sector. He visited the new Kowloon High-Speed Rail Terminus site and the Kai Tak development area. These are among 10 major infrastructure projects underway in Hong Kong.

UK’s Involvement in the Hong Kong EconomyThe UK has a substantial involvement in Hong Kong. According to the latest available figures from the HKSAR Government’s Census and Statistics Department, the total stock of direct investment from the UK amounted to US$16.3 billion (or HK$126.7 billion) at the end of 2009.

The UK is well represented in trading, finance, insurance, retailing and other services sectors of the Hong Kong economy. There are about 1,000 companies in Hong Kong with British involvement through direct control, investment or management. Prominent examples include the HSBC, Standard Chartered Bank, Barclays Bank, Inchcape, ICI (China), Prudential, Intertek Testing Services (Hong Kong) Ltd and British Airways.

Many British companies have used their operations in Hong Kong as a springboard to other Asia-Pacific markets. As of 1 June 2010, there were 113 British companies with regional headquarters in Hong Kong, while another 194 had regional offices.

About the HKTDCA statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 11 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to connect companies with opportunities in Hong Kong and on the mainland, while providing information via trade publications, research reports and online. For more information, please visit: www.hktdc.com

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